Move-In-Ready Multifamily
New
For Sale
$886,000
1424 Camellia Dr, Munster, IN 46321
Multiunit configuration with functional residential layouts, comfortable bedrooms, and practical finishes.
Property Size4,428 SF
Price / SF$200.09
Days on Market4
Property Features for 1424 Camellia Dr
General Information
Standard status
Active
Size
4,428 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$11,314
Building Details
Tenancy
Multi
Listing Agency:
McCormick Real Estate, Inc.
(219) 663-9300
Listed By:
Jeff McCormick · License #RB14033291
(219) 613-5643
Source:
Exprealty
Added: Sep 8
Changed: Sep 10
Last Checked: Sep 10 at 2:48PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of McCormick Real Estate, Inc.
Investment Insights
Based on property information with market context.
Located at 1424 Camellia Dr in Munster, Indiana, this 4,428-square-foot multifamily property is configured as a multiunit residential asset. The units feature bright living areas, comfortable bedrooms, and practical interior finishes intended for straightforward upkeep. The property is described as move-in ready, allowing the existing configuration to be placed into use without an identified renovation program.
Exterior improvements include a well-kept yard and maintained curb appeal. The surrounding Munster setting includes schools, medical facilities, parks, and commuter access, all identified as contributors to residential demand in the area. The property combines functional unit layouts with an established residential setting and an exterior that is maintained for everyday occupancy.
Exterior improvements include a well-kept yard and maintained curb appeal. The surrounding Munster setting includes schools, medical facilities, parks, and commuter access, all identified as contributors to residential demand in the area. The property combines functional unit layouts with an established residential setting and an exterior that is maintained for everyday occupancy.
Key Highlights
- 4,428‑square‑foot multifamily property
- Multiunit residential configuration in Munster, Indiana
- Bright living areas and comfortable bedrooms in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$39,175
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$783,500
$783.5K
Cap Rate 7%
$559,643
$559.6K
Cap Rate 9%
$435,278
$435.3K
Market Conditions
NOI Build-Up for 4,428 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$75.5K $17.04/SF
− Vacancy
−$4.2K −$0.95/SF
EGI
$71.2K $16.09/SF
− OpEx
−$32.1K −$7.24/SF
NOI
$39.2K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$783,500
Cap Rate 7%
$559,643
Cap Rate 9%
$435,278
Alternative Uses
Best Use
Apartment 5plus
$559.6K
$489.7K – $652.9K
NOI $39,175 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.24M
$1.08M – $1.44M
NOI $86,529 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
Explore this area
Business Placement
Demographics for 46321, IN
23,894
Population
9,786
Households
2.4
Avg Household Size
45
Median Age
48%
College-Educated
96%
High-School Grad
7.6 sq mi
ZIP Area
3,144
Density / Sq Mi
$105,764
Median Household Income
$57,796
Median Earnings
$1,480
Median Rent
$312,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Multiunit configuration with functional residential layouts, comfortable bedrooms, and practical finishes.
Where is this multifamily property located?
The property is located at 1424 Camellia Dr Munster, IN.
What is the asking price?
The asking price for this property is $886,000.
What are key features of this property?
This property features: 4,428‑square‑foot multifamily property; Multiunit residential configuration in Munster, Indiana; Bright living areas and comfortable bedrooms in each unit
